Episode Details

This story was originally published on HackerNoon at: https://hackernoon.com/flex-raises-$70m-led-by-halo-fund-to-scale-ai-native-private-banking-for-global-business-owners.
Flex raises $70M led by Halo Fund at a reported $1.2B to scale its AI-native private bank for middle-market business owners and launch Flex Global.
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Flex raised $70 million in a Series B1 led by Halo Fund, the $1 billion Utah vehicle co-founded by Qualtrics founder and Utah Jazz owner Ryan Smith with Accel's Ryan Sweeney. Portage, Wellington, Crosslink Capital, 53 Stations, Titanium Ventures, Spice and Florida Funders joined. Reuters sources the valuation at roughly $1.2 billion. Annualised payment volume crossed $10 billion, roughly 4x year on year. Revenue is up 3x since December 2025, on a nine-figure run rate. Total equity is now $180 million against $300 million of debt. Flex is the cheapest fast-growing asset in business finance. At a nine-figure run rate, $1.2 billion implies roughly 5 to 10 times revenue. Ramp trades at 29 to 44 times. Airwallex at 8.5. Mercury at 8. Flex is growing faster than all three and priced below all three. Its take rate is the highest in the peer set. Flex earns 1.0% to 2.5% per dollar moved. Airwallex earns 0.45%. Mercury earns 0.26%. That is what a multi-product owner relationship buys. Flex Global launches stablecoin settlement in 100+ countries, multi-currency accounts across 76 countries and 32 currencies, institutional dollar accounts and private credit in 20+ markets. It cuts the cost of a cross-border dollar for the owner by up to 97%. The real asset is the data. Flex sees the company ledger and the owner's personal ledger at the same time, in a segment with no public credit market. Nobody else has both sides of that balance sheet.